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Will your car still be repossessed if you are late two or three payments but pay up to date after you get the default letter?
Wiki User
∙ 18y ago
Read that letter carefully. The one that I am most familiar with clearly states that you have 20 days to make any past due payments and if they are paid you may continue with the original contract, BUT if you become delinquent again, they may exercise their rights without giving you any additional notice. That means from now on you had better not miss any payments, not even by one day, or your car could be repossessed.
Wiki User
∙ 18y ago
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Are you still liable for the payments if your truck is repossessed in Alberta?
Yes you are
Can a motorcycle be repossessed if you haven't made payments in 6 months and then started making payments again?
Technically you breached the contract with the lender if you did not make payments in 6 months. They actually have the right to NOT accept further payments from you. So yes, it can still be repossessed.
If creditor has threatened to repossess if a certain amount is not paid and you have paid partial can the vehicle still be repossessed?
As long as the contract is in DEFAULT, the collateral CAN be repossessed. One dollar or one day. Its a GAMBLE you take when you are in default.
Can you still owe money on a car that was repossessed and resold to another buyer?
yes. When a vehicle is repossessed by the bank it doesn't mean that you stop making payments. You are still liable for the loan.
Does default means does not pay?
Default means that you have not made the agreed-upon payments in full on time. You may be making partial payments (ie, paying $250 a month instead of $350 a month), but still be in default.
Does default means not pay?
Default means that you have not made the agreed-upon payments in full on time. You may be making partial payments (ie, paying $250 a month instead of $350 a month), but still be in default.
What are the mobile home repossession laws in Nevada?
In the state of Nevada, if you do not make payments on a car you are buying, it can be repossessed with no notice given to you. Once repossessed, you will still be liable for all further payments even if the car is sold at auction to another buyer.
If a car is repossessed and you agree to make some kind of payments ever month will they still list it on your credit as a repo?
Yes but it will also list that you are making payments!
If you are late on your car loan by two or three payments but you got a letter saying you are in breech of your loan will you still lose your car and if you pay it up to date?
You can pay off the note but if the lender has declared the note in default that means that you have to pay it off now or the car will be repossessed and sold to cover expenses. Most notes have a description of what constitutes default. Late payments can result in just what you're describing. Your only choices are to pay it off (you might need to get another loan) or sell it yourself or turn it back to the lender.
I was two months behind but still pay a payment every month. can the car still get repossessed?
If they are accepting your payments, they probably won't take your car.
Can a bank charge off an auto loan and still accept payments from you at the same time?
Yes, if the account was in default. If there were arrearages payments being made could be applied to such making the account still in default and subject to additional action as well as a charge off.
Can you buy another car even though is repossessed?
If you have had a car repossessed, you have not kept up with the payments. You probably still owe money on the repossessed car. In these circumstances, the fact is that you can not afford to purchase another car and would not be able to obtain the finance to do so.
